Russia ready to join OPEC in limiting oil production
Wednesday, October 26, 2016
In an effort to help boost oil prices, Russian President Vladimir Putin told the World Energy Congress that his country plans to freeze or cut oil production in an effort to achieve stability in the global energy market.
The announcement was made on Oct. 11, as leaders from some of the largest oil-producing nations gathered in Turkey to discuss some of the issues the industry has been facing.
According to Bloomberg, Putin said if OPEC would agree on limits to its crude production in November, then Russia would back the decision, while still remaining a reliable energy supplier.
Although the international benchmark Brent crude is less than half its price in 2014, it has gained 15 percent since OPEC agreed last month to make its first supply curbs in eight years.
Learn more: Bloomberg > Putin Says Russia Ready to Join OPEC Effort to Limit Oil Supply
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